After a brief correction, the Nifty50 saw a resurgence in bullish momentum on September 13, with the index closing above the significant psychological level of 20,000 for the first time. The banking sector played a pivotal role in supporting this rebound. The trading day began on a flat note amid mixed global cues, but the market maintained a steady range throughout the session.
NIFTY: The index opened flat at 19,989 and made a high of 20,096 before closing at 20,070. Nifty has formed a bullish candlestick pattern on the daily chart, but broadly traded within previous day's trading range. Its immediate resistance level is now placed at 20,150 while immediate support is at 19,900.
BANK NIFTY: The index opened 62 points lower at 45,449 and closed at 45,909. Bank Nifty has formed a long bullish candlestick pattern, which somewhat resembles a Bullish Engulfing kind of formation on the daily timeframe. Its immediate resistance level is now placed at 46,100 while support is at 45,600.
Stocks in Spotlight
▪ RITES Ltd: Stock gained 2.2% after the company signed an agreement with Caminho De Ferro De Mocamedes (CFM), Angola, for cooperation in the development of railways and related infrastructure in the African nation, including the supply of rolling stock.
▪ Tata Power Ltd: Stock traded 1% higher after its subsidiary signed a memorandum of understanding (MoU) with SIDBI on September 12.
▪ Coffee Day Enterprises: Stock surged 20% after the company averted insolvency proceedings and reached a settlement with IndusInd Bank.
▪ The Stoxx 600 index was down by 0.88% as most sectors declined. Retail stocks dropped 2% while industrials fell 1.5%.
▪ Asia-Pacific markets fell across the board as investors assess key economic data out of Japan and South Korea.
▪ Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China.
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